NO ONE-SIZE-FITS-ALL FOR NET ZERO:
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* Business and industry groups have been calling for net-zero plans for specific sectors to give certainty to investors and attract capital for low carbon equipment and technology
* Six sectoral plans will underpin 2035 and 2050 targets, Energy Minister Chris Bowen announced at a clean energy summit in Sydney
* Electricity and energy, industry (including waste), the built environment, agriculture and land, transport and resources are on the list
* To be developed over the next 18 months, there won't be specific sector targets but the plans will be detailed, Mr Bowen says
* Federal ministers will work closely with state and territory counterparts in the work, as well as consulting with industry
* Mr Bowen says he will add a "strong" 2035 milestone to get to net zero by 2050, but rejected a Greens call for net zero by 2035
* The Climate Change Authority (CCA) will develop sector pathways to help inform the plans and provide advice on a 2035 target
* Required under the Paris Agreement on limiting global warming, Mr Bowen says he expects to receive the CCA advice in late 2024
REACTION
* "Instead of conceding that he won't achieve his 2030 target, he chose instead to tell everyone he's thinking about his 2035 target" - opposition spokesman Ted O'Brien
* Business Council CEO Jennifer Westacott said plans for each sector of the economy was the only way to effectively build up to Australia's emissions reduction commitments for 2035 and beyond
* "Practical plans for all those sectors can't simply be imposed from above" - Innes Willox, CEO of national employer association Ai Group
* The peak body for energy retailers and generators, the Australian Energy Council, says sectors in addition to electricity will need to begin to decarbonise before it gets more challenging and more costly.
* Master Builders Australia welcomed the announcement of plans to work on a decarbonisation plan for the built environment but it says support is needed for for attracting investment in technology, boosting confidence and providing builders the help they require to adopt net-zero construction methods
* The Property Council has long advocated for a sector-specific plan to provide clear signposts for getting to net zero
* Carbon Market Institute CEO John Connor says sectoral plans are crucial to guide longer term investment strategies and should be supported by market-based mechanisms.
Australian Associated Press
